- Japan recovery depends heavily on world economy
- See unwinding of unsustainable global growth
- I honor market functions, price-finding capacity.
- 3 board members called for rate cut to 0.25%
- 1 board member called for unchanged rates
- Differences slight among members seeking cuts.
- Very low interest rate to hurt market functions
- Decided to call for rate cut just before meeting
- Yen rise affects firms; not only economic factor
- No comment on how Yen rise affected decision
- Felt no political pressure at all on decision.